GASB addresses questions about fair value, tax abatement

A new implementation guide clarifies practice issues.

Implementation guidance from GASB addresses questions about new standards for state and local government financial reporting.

Fair value and tax abatement disclosures are the primary issues for Implementation Guide No. 2016-1, Implementation Guidance Update—2016.

In addition, the guide reinstates certain previously superseded questions and answers that have been updated for the effects of newly issued standards on pensions and other post-employment benefits. Other practice issues also are addressed in the implementation guide, which takes effect for reporting periods beginning after June 15, 2016.

Where to find January’s flipbook issue

Starting this month, all Association magazines — the Journal of Accountancy, The Tax Adviser, and FM magazine (coming in February) — are completely digital. Read more about the change and get tips on how to access the new flipbook digital issues.

SPONSORED REPORT

Get your clients ready for tax season

Upon its enactment in March, the American Rescue Plan Act (ARPA) introduced many new tax changes, some of which retroactively affected 2020 returns. Making the right moves now can help you mitigate any surprises heading into 2022.